Ripple's Stuart Alderoty raises concerns about SEC decisions under Gensler as court overturns SEC stock-buyback rule
In a significant setback for the SEC, the Fifth Circuit Court of Appeals struck down the agency's stock-buyback rule on Tuesday, reports promptly criticized the SEC's actions, pointing out what he saw as arbitrary decision-making. Alderoty's comments reflect a growing concern within the industry about the SEC's recent rulings.
However, reports from the Wall Street Journal suggested a different motivation: Gensler's desire to support securities litigation lawyers in suing companies over their buybacks.The U.S. Chamber of Commerce challenged the rule, arguing that the SEC violated rules by failing to quantify its costs and benefits. The Fifth Circuit panel agreed with the chamber, criticizing the agency's inconsistent arguments.
Given the SEC's losing streak and the current chairman's growing discontent, the outcome of this case could have an irrevocable impact on securities regulation in the United States.
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